《大行報告》摩通調整本地電訊股目標價 首選香港寬頻(01310.HK)
摩根大通發表研究報告,談及疫情對香港電訊商的影響、5G及這些公司的派息前景。該行將數碼通(00315.HK)及和記電訊香港(00215.HK)的目標價分別下調至5.7元及1.5元,評級「中性」,以反映疫情爆發的情況持續,以及預期中長期會損失更多移動市場佔有率。然而,該行將香港電訊(06823.HK)及電訊盈科(00008.HK)的目標價分別上調至14元及5.3元,評級為「增持」。基於股息前景之下,其投資順序為香港寬頻(01310.HK)、電訊盈科>香港電訊>和電香港及數碼通。
摩通指,漫遊業務受到重創,而和電香港在這方面的收入最高,其次是數碼通,估計旅遊次數減少會令今年的漫遊收入有約四分之一的損失。本地移動服務表現相對穩定,因為大部分收入都是來自合同,而有些人更會在家工作時使用移動服務。家居寬頻的服務亦不錯,尤其是在家工作令速度升級的需求增加。
該行又指,香港電訊在疫情下受到的影響不大,其企業業務集中於大型公司及政府機構,因此會較香港寬頻的中小型企業業務更有韌性。另外,香港電訊及中移動(00941.HK)憑藉其網絡及頻譜優勢,以及差異化的定價與服務策略,鞏固了5G時代的市場地位。
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